President Trump’s first State of the Union address included three notable areas relating to trade. The President referred to becoming an “exporter of energy”. U.S. exports of all energy products rose 45% in the 12 months to November 30 on a year earlier, with the ratio of imports to exports having dropped to 138%. That was the lowest since at least 2009 and shows the President’s energy-independence target is close. Further export growth in LNG and oil can be expected. A commitment to “reduce the price of prescription drugs” will be helped by independent hospital procurement and ...